Business

Modi Government Reinforces ‘Trust First, Scrutinize Later’ Approach with New Income Tax Framework

Published

1 year ago

February 3, 2025

The Narendra Modi-led NDA government has taken a significant step to reaffirm its commitment to the welfare of the common man with a move to alleviate the tax burden.

As announced by Finance Minister Nirmala Sitharaman, individuals earning up to Rs. 12 lakh will be exempt from income tax under the new tax regime.

In her Union Budget announcement, she introduced several key initiatives aimed at simplifying the tax system and providing relief to various taxpayer segments.

Among the notable changes are revisions to the Tax Deduction at Source (TDS) limits, the introduction of new tax slabs for individuals, and increased benefits for senior citizens, demonstrating the government’s commitment to easing the financial pressure on its citizens.

Tax rebates will be granted in conjunction with the reduced slab rates, ensuring that many taxpayers will not have to pay any income tax. According to the Finance Minister, “The new structure will significantly lower taxes for the middle class, leaving more disposable income which can enhance household consumption, savings, and investment.”

Under the new plan, a taxpayer with an income of Rs 12 lakh will benefit from a tax reduction of Rs 80,000, which corresponds to the total tax payable under the previous system. An individual earning Rs 18 lakh will see a tax reduction of Rs 70,000, representing 30% of the current tax obligations. Those with incomes of Rs 25 lakh will benefit from a Rs 1.1 lakh tax reduction, amounting to 25% of their existing tax liability.

Additionally, there has been a revision in the income tax surcharge for high earners: a 10% surcharge for those earning between Rs 50 lakh and Rs 1 crore, a 15% surcharge for incomes ranging from Rs 1 crore to Rs 2 crore, and a 25% surcharge for incomes exceeding Rs 2 crore. This surcharge applies to individuals and households whose total income surpasses these limits.

With these reforms, the Modi government aims to establish effective governance that is responsive to the needs of the people and the economy. The Union government has also prioritized senior citizens by raising the tax deduction limit for interest income from Rs 50,000 to Rs 1 lakh. This initiative reflects the government’s dedication to easing the tax burden on seniors, who often depend on interest from savings for their post-retirement income.

Attention is now on the upcoming income tax bill set to be unveiled next week, which the Finance Minister asserts will embody the principles of ‘Nyaya’ (justice).

Related Topics:government incometax modi

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Business

Chicken and Egg Prices Rise Shocked Non-Veg Lovers

Published

4 days ago

July 15, 2026

Namma Kudla

Business: Non-vegetarian food lovers are facing a big shock as chicken and egg prices have increased sharply over the past week.

The price of chicken has gone up significantly, making it expensive for many families. Fresh fish is also unavailable in coastal areas because fishing activities have been suspended.

The main reason for the price hike is the slow growth of chickens, which has reduced supply. At the same time, more chicken is being supplied to other states, resulting in lower availability in the local market.

Egg prices have also increased. An egg that cost Rs.7 to Rs.7.50 three days ago is now priced at ₹9.

Similarly, the price of chicken has risen from Rs.300 per kg to Rs.360 per kg.

Traders say prices may come down once the supply improves. Until then, the increase is expected to put an extra burden on consumers.

Business

India’s First LPG Efficiency Policy amid Iran War

Published

5 days ago

July 14, 2026

Namma Kudla

Business: As the Iran conflict continues to affect global energy markets, Pune Gas has urged the Central Government to introduce India’s first LPG Efficiency Policy.

The company submitted its proposal to the Ministry of Petroleum and Natural Gas, stressing the need for better and more efficient use of LPG across the country.

Global supply disruptions have pushed commercial LPG cylinder prices to around Rs.3,100 from nearly Rs.1,884 earlier this year.

The price rise has increased costs for restaurants, hotels, hospitals, food processing units, MSMEs and other industries that depend on LPG.

Pune Gas said India has maintained a stable LPG supply, but improving fuel efficiency is now equally important.

The proposal recommends promoting the use of 47.5-kg LOT cylinders wherever suitable to reduce wastage, improve safety and prevent pilferage.

It also seeks awareness campaigns, standard practices and policy support to encourage efficient LPG systems.

Pune Gas CEO Jesal Sampat said India should focus not only on increasing LPG supply but also on using the available fuel more efficiently.

The company also showcased its indigenous LPG management system, LPGenius, to improve safety, efficiency and cost savings.

Pune Gas has offered to support the government and oil marketing companies with field data, pilot projects and implementation assistance.

Business

US-Iran Conflict Pushes Global Crude Oil Prices Up by Over 4%

Published

6 days ago

July 13, 2026

Namma Kudla

London: Global crude oil prices surged by more than 4% after the United States and Iran intensified missile and air strikes against each other.

The rise in oil prices is mainly due to growing concerns over the security of the Strait of Hormuz. It is one of the world’s most important routes for global oil shipments.

During Monday morning trading, Brent crude oil rose by 4.28% to $79.26 per barrel. West Texas Intermediate (WTI) crude oil increased by 4.37% to $74.53 per barrel.

Iran expanded its military attacks over the weekend to include Qatar and the United Arab Emirates (UAE). In response, the United States launched another round of air strikes on Iranian military bases.

Iran also announced the closure of the Strait of Hormuz after an attack on a commercial vessel that it claimed had violated regulations. According to ship-tracking data from Kpler, only six ships passed through the strait on Sunday. This is the lowest number recorded in the past five weeks.

Last month, the United States and Iran had reached a temporary agreement to keep the Strait of Hormuz open. However, the latest attacks have ended those efforts and increased tensions in the region.

Iran’s Foreign Ministry strongly condemned the US strikes. It said the attacks were a clear violation of international law and the United Nations Charter.

Iran also warned that any country allowing the United States to use its land or military bases for operations against Iran would be treated as a hostile nation. It said such countries could face military action.